SS on 401k withdrawals?

[Murph]

I can't find this an answer to this so I'll ask: If I retire at 59 1/2, I can take distributions from my 401k without the penalty. I understand I will need to pay income tax.

But, will I have to pay into SS until I reach retirement age on those withdrawals? If so, how much?

 

[travelover]

No, you only pay FICA (SS) on earned income.

 

[Bir48die]

No, you only pay FICA (SS) on earned income.

+1. Your SS earning days are over unless you get or have a job

 

[gauss]

+1. Your SS earning days are over unless you get or have a job

... or a small business aka self-employment income.

 

[jazz4cash]

I can't find this an answer to this so I'll ask: If I retire at 59 1/2, I can take distributions from my 401k without the penalty. I understand I will need to pay income tax.

But, will I have to pay into SS until I reach retirement age on those withdrawals? If so, how much?

No SS taxes on your 401k distributions. You paid those taxes when you earned the income that went into the 401k. Only the income taxes were deferred, except I do recall in the mid-80's 401k contributions were not subject to SS taxes either. That was changed pretty quickly.

 

[homestead]

You will have to have taxes withheld on a 401k distribution but if you roll it over to a ira then you can choose any withholding you want.

 

[mickeyd]

will I have to pay into SS until I reach retirement age on those withdrawals? If so, how much?

Shhh...they may be monitoring this thread. It is best not to give the folks in D.C. any new ideas.

 

[Animorph]

And just in case, your 401k where you are now may allow you to make normal withdrawals as long as you are 55 at retirement.

 

[travelover]

And just in case, your 401k where you are now may allow you to make normal withdrawals as long as you are 55 at retirement.

This early withdrawal depends on the rules for that particular 401(k) plan - the IRS allows it generally but the plan does not have to allow it.

 

[Bir48die]

You will have to have taxes withheld on a 401k distribution but if you roll it over to a ira then you can choose any withholding you want.

True but doesn't have anything to do with SS